Political maneuvering to short-circuit the Financial Accounting Standards Board's plan for stock option expensing could derail efforts to create a convergence of international accounting standards, European professional leaders warned Congress.
Testifying before the Senate Banking Committee, International Accounting Standards Board Chairman Sir David Tweedie said that a convergence of the standards developed by his group and FASB's generally accepted accounting principles would be a development of "immense significance" for improving financial reporting throughout the world.
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